Covering all the bases

Whether by need or by preference, a lot of people choose to rent instead of own a property. Recent years of a depressed housing market have caused many people to wonder if buying a home is the right choice for them. In some cases, the costs of renting versus owning are about the same.

If you’re one of the growing number of people who are choosing to rent instead of buy, there are a few steps you can take to ensure you’re adequately prepared for life in your new apartment or rental home.

.Assessing the impact of depositsYour monthly rent is a cost you plan for, but have you considered how deposits will impact your finances? You need to consider not only the amount of the security deposit, but other deposits as well, such as cleaning deposits and pet deposits. You will also want to figure out which deposits are refundable or likely to be refunded. In some cases, the amount of deposits may push the up-front cost of an apartment or home out of your reach.

Determining landlord responsibilities

One of the reasons some people are reluctant to buy a property is that the cost of maintenance and repairs can add up quickly. In most rental properties, your landlord will take care of maintenance and repairs. But fefore signing a lease, figure out what your landlord’s specific responsibilities are. If you’re renting a home, your landlord may require you to take care of the lawn and landscaping. Leases may also vary significantly about what modifications you can make. For example, some landlords are lenient about tenants repainting the interior of rental properties, while others may forbid it.

Buying renter’s insurance

A landlord’s property insurance covers the property itself, but if a burglary, fire or other disaster strikes, your personal property may not be covered. Rental insurance policies can cost as little as a few dollars a month, so it’s worth the expense to know that your belongings are covered.

Developing a list of essential items

Some rentals include the cost of utilities in your monthly rent. But some don’t, so always make sure to ask what you can expect to pay for gas, electric and other utilities. Apartment in Banashankari older buildings – and especially spaces with lofts or high ceilings – often cost a significant amount of money to heat and cool. Don’t forget to ask your landlord who will activate utilities; that may be one of your responsibilities.

Renting has a lot of advantages over homeownership, but it also presents a lot of different challenges. Read your lease, ask good questions and make sure you understand what is expected of you.